Business

Shanghai, Jul 22 (AFP/PTI) Shares on Shanghai's new Nasdaq-style technology board soared Monday, with one firm rocketing more than 500 per cent, as investors rushed to grab a piece of China's latest market liberalisation in a frenzied debut

All 25 components on the Shanghai Stock Exchange's Sci-Tech Innovation Board, or STAR Market, were driven sharply higher in a hearty initial endorsement of China's plan to use the board to help fund fast-growing tech firms and discourage them listing abroad.

Tehran, July 21, IRNA – Iranian Foreign Minister Mohammad Javad Zarif and President of Venezuela Nicolás Maduro reviewed bilateral relations and issues of mutual interests.

Zarif arrived in Caracas, the capital city of Venezuela on Saturday to attend Non-Aligned Movement (NAM) foreign ministers' meeting.

Earlier, Iranian Foreign Ministry spokesman Abbas Mousavi said Zarif is scheduled to hold talks with Venezuelan officials including Foreign Minister and speaker of Venezuela's parliament.

Tehran, July 21, IRNA – Iran Minister of Roads and Urban Development Mohammad Eslami said on Sunday the Iranian oil tanker which had been seized by Saudi Arabia after it sought help from the Saudi border guards, was released and is now being towed toward the Persian Gulf.

Speaking to reporters, Eslami said that Iranian Ports and Maritime Organization took legal action with the Saudi government seeking its release, so that the Iranian oil tanker was released from Jeddah port.

21 July 2019; MEMO: Turkish army will never hesitate to take the same step as 45 years ago “if needed for the lives and security of Turkish Cypriots,” the Turkish President said on Saturday.

“Turkey launched the peace operation in Cyprus to protect rights and interests of Turkish Cypriots who are one of the equal owners of the island,” said Recep Tayyip Erdogan in a statement released by Turkey’s Presidential Communications Directorate.

New Delhi, Jul 21 (PTI) As many as 345 infrastructure projects, each worth Rs 150 crore or more, have shown cost overruns to the tune of over Rs 3.28 lakh crore owing to delays and other reasons, a report said.

"Total original cost of implementation of the 1453 projects was Rs 18,32,579.17 crore and their anticipated completion cost is likely to be Rs 21,61,313.18 crore, which reflects overall cost overruns of Rs 3,28,734.01 crore (17.94% of original cost), "the Ministry of Statistics and Programme Implementation's latest report for April 2019 said.

New Delhi, Jul 21 (PTI) Having failed to privatise Pawan Hans last fiscal, the government has significantly diluted the terms of sale pertaining to employee retrenchment, asset sale and tax liability to attract bidders this time around, sources said.

As per the revised terms of sale proposed by the government, the successful bidder would be required to retain all permanent employees for a period of at least one year, as against two years stipulated earlier.

New Delhi, Jul 21 (PTI) As part of innovative modes of financing to meet India's huge infrastructure appetite, insurance giant LIC has agreed to offer Rs 1.25 lakh crore line of credit by 2024, to fund highway projects, Union Minister Nitin Gadkari said.

Keen on timely execution of the Rs 8.41 lakh crore ambitious Bharatmala project that aims to lay a grid of highways pan-India, the Road Transport and Highways Ministry has been looking to harness various sources of finances including pension and insurance funds.

Islamabad, Jul 20 (PTI) Pakistan Prime Minister Imran Khan on Saturday left for his maiden trip to the US to have face-to-face talks with President Donald Trump and reboot bilateral relations that were hit after he publicly criticised Islamabad, cancelled military aid and asked it to do more to fight terrorism.

Prime Minister Khan's visit comes at a time when talks between the US and Afghan Taliban are thought to have entered a decisive phase.

21 July 2019; AFP: China lifted some restrictions on foreign investment in the financial sector Saturday, as the world's second largest economy fights slowing growth at home and a damaging trade war with the United States.

China will remove shareholding limits on foreign ownership of securities, insurance and fund management firms in 2020, one year earlier than originally planned, the Financial Stability and Development Committee said in a statement posted by the central bank Saturday.

20 July 2019; MEMO: Russia is ready to discuss supplying Su-35 fighter jets to Turkey, the head of the state-owned Rostec corporation said in a statement yesterday.

“If our Turkish colleagues express a desire, we are ready to work out deliveries of Su-35 fighter jets,” Sergei Chemezov said, according to the statement.